Dealing Double Down

I do not currently handle a great deal of U.S. currency, but that was not always the case. Particularly during the 1970s and 1980s -- in San Diego, Spokane and Portland -- I dealt in paper money as well as U.S. and World coins, and related items.  

Currency is fascinating for many reasons.

Buffalo Bill Redux

A Michigan collector recently contacted us after reading the December 2012 blog post concerning Buffalo Bill Harper.  He had done coin business with Dr. Harper in the 1970s and had saved a couple of his ads from "Coin World."

Teamwork Triumphs With Rare Coin Collateral

Life is all about relationships. Strong relationships are built on a foundation of time, trust and commitment.  The successful coin business relies heavily on good relationships:  dealer and collector, dealer and dealer, dealer and local business community, and so on.

This post illustrates how temporary partnerships are built in this business to perform a task or solve a problem. 

Seated Dollar Bags Create Chaos

I’ve experienced some amazing numismatic moments during the past 50 years.  Last post described Amon Carter Jr. casually dumping an old leather bag of $50 gold slugs into a showcase.  Here’s another numismatic vignette . . . .

One day in the late 1960s I decided to make a trip to the San Bernadino Coin show.  I didn’t have a table, but needed to buy inventory, and I’d always had pretty good luck at this venue.

As I enter the show, I encounter a dealer table completely surrounded by humanity, many people deep.  The buzz was loud.  I dove into the crowd to see what was going on.

A Humble Unassuming Giant

Some of the greatest experiences involve meeting interesting people, and I have had the honor to meet some true numismatic heavyweights.

This story takes place in the late 1960s or early 1970s, at the Texas State Numismatic Show (TNA) in Dallas, Texas.  I’m setting up my table, and as I work I’m conversing with Tom McAfee, who is sitting across the table from me. 

Tom was one of my mentors, and I learned a lot from him.  Tom was a dealer in Honolulu for many years, later moving to Winter Park, FL.  He was an expert in Hawaiian and U.S. Type coinage, among other things.

As we chat, out of the corner of my eye I notice someone arrive at the next table.  I do not know this gent; at first glance looks as though he has just come from the farm.  His show setup attire was particularly rustic.

Shrewd Collector; Smart Purchase

The last post described Bob B.’s exquisite set of Buffalo Nickels.  Here we explore one of America’s most esoteric and difficult sets of coins.

Our friend Bob was a pretty quiet guy, a bit cagey even, for you never knew what he was thinking . . . or what he would bring in to show and discuss.

In the late 1980s, the coin market was moving up in price.  Bob was paying attention. About 1988 he came to my office, saying, “It’s time to sell some coins” unveiling a spectacular and complete set of 3c Silver coins.

Rare 1872 issue
www.ha.com

This was, without a doubt, the finest set of 3c Silvers I had ever seen, perhaps the finest set in existence at the time.  The set was stored in a Wayte Raymond album and displayed perfect peripheral target tone.

A Businessman and His Buffalos

Let’s stay with the theme of Buffalo Nickels for the moment . . . .

One of the greatest individuals I’ve had the opportunity to work with was Bob B. 

I met Bob in my Portland coin shop in the early 1980s.  He was a true gentleman, extremely pleasant to do business with.  Bob had a sharply honed mind and we enjoyed many deep conversations about economics, business and the coin market.  He loved coins!

Bob was born in Oakland, California, in the 1920s.  His father was an engineer for Standard Oil of California.  Bob and his brother both had paper routes and began developing their business acumen when they were 8 to 10 years old.

Buffalo Bill Rides Again

In 1973 I was working in a large mail order business in San Diego.  One day I had a call from Continental Coin in Van Nuys, describing a big collection of Buffalo Nickels they had just acquired and thought we could use.  Was I interested?  Of course I was!  Our inventory was always short of Buffalos.

A Big One That Got Away!

In September 1994 I received a call from a long time customer and friend with an interesting numismatic opportunity.  This fellow was a well connected business owner in the Spokane area; his coin interest and expertise were common knowledge.

A local bank contacted him for advice dealing with a special coin collection and he referred them to me.  I flew to Spokane to take a look.

What I found was one of the more interesting collections I've had the opportunity to examine during my career -- approximately 50 pieces of Bust Gold before 1840.  Highlights included:

1796 Stars $2.50 Gold
Heritage Auction #1173

1796 Stars - $2.5

1808 - $2.5

Also 1807, 1829, 1830 and 1831 - $2.5

1795 - $5

Several nice $5s between 1800 and 1812, a few in the 1820s, including 1823, 1826 and 1830

1795 - $10

1838 - $10

Also 1798, 1799, 1803 - $10

1893-CC Morgan Bag: Two Thumbs Down

Steve Markoff
Photo www.procon.org

One day in 1965 I headed to Los Angeles from San Diego to deal with a few business matters.  I needed to buy some gold for the shop and wanted to visit a couple of dealers.  One of my stops was to see Steve Markoff¹ who worked out of a small downtown office at the time.

When I arrived at Steve’s office, he was in the middle of working with another coin dealer and silver dollars were spread out on the table in front of them.  They were discussing an entire bag of 1893-CC Morgan Dollars.  Perhaps this bag of dollars was acquired as part of the U.S. government dispersal program.²

Steve asked me to take a look at the bag and give him my thoughts.  In so doing, I learned a great deal about 93-CCs.

Enjoyin' the Drama at Coin-A-Rama

The coin business underwent significant transformation during the 1960s.   Coin collecting had primarily been an activity for the rich and famous, supported by a small number of numismatic professionals.

In the 1960s coin collecting began to attract regular folks, interest fueled in part by the U.S. discarding the gold standard and a limited period when coins or currency could be redeemed for silver.

The new hobby demographic was served by lots of new coin shops, coin shows, new methods of communication, and soon a major market developed.  I was excited to be part of the wave of change.

Early Mentor Favors Classic Coins

My first mentor in the coin business was a young man exactly my age.  He had a wealth of knowledge about coins thanks to a special opportunity due to birth.  He was Steve Kosoff, son of the famous dealer, Abe Kosoff.

Thrill of the Chase (Part 2)

In 1987 I was running a shop in the Portland, Oregon area.  Mrs. Norweb had passed away and her collection was to be auctioned off by Bowers & Merena.

The previous post briefly describes the amazing Norweb Collection, assembled by three generations of astute and dedicated collectors.  Mrs. Norweb was one of the great coin collectors of all time - she had a great eye for beauty and detail.  Under her guiding hand beautiful and rare specimens enhanced the depth and breadth of the family holdings.

Norweb Collecton Part II
March 1988

Bowers & Merena sold the Norweb U.S. coins during auctions held in November 1987, March 1988 and November 1988.  I attended the first two of these auctions.  Other portions of the Norweb collection were auctioned separately.

The Grande Dame of Coin Collecting (Part 1)

On opening day of the 1981 Michigan State Fall Convention, in Dearborn, MI, I notice a stately older woman strolling down the aisle, perusing tables and showcases as she progresses.  She stops in front of my table, and asks to see the Colonial coins in my showcase.

She examines the coins and politely returns them to me.  “They are very nice, but I have all of these.  May I see your Half Cents?”  She looks at these, and again politely returns the tray. 

“I’m so sorry, but I already have all of these examples.  But thanks so much for showing the coins to me.  They are lovely.”

“Thank you, Mrs. Norweb.” I say quietly.  She looks up at me, smiling sweetly, charmed that I knew her name.  What a nice lady.

Saved In Omaha

Surely your town has seen “road buyers.”  You know -- those folks who set up shop in a hotel, place large advertisements in the local paper and offer to buy just about anything precious.  Road buyers have ranged across the country for many years, and for a time, I was one of them.

1934 Silver Certificate
www.wikipedia.org

In 1967, my first coin shop was history and I headed out on the road.  It was the final year when the public could redeem silver certificates for silver value.   (Redemption for silver value ceased June 24, 1968.)